Biggert-Waters flood legislation continues to make a splash (sorry, couldn’t help it). The incompetence and secrecy surrounding the FEMA plan is ludicrous. Here is a plan deeply in debt primarily due to FEMA writing insurance on properties below sea level-as in New Orleans/Katrina. Plus the low lying areas that were built upon decades, if not a century, before flood insurance became a federal program. Now it has become another transfer of wealth from the middle class.
Read the following article, and see how private insurers are already entering the market, and undercutting FEMA’s plan. We need more.
Homeowners Blindsided with Stratospheric Flood Insurance Rates
In its monthly e-magazine Foreclosure Report RealtyTrac takes a look at the current and potential impact of legislation designed to rescue the nation’s flood insurance program. Within that legislation RealtyTrac says there may be looming another demonstration of the theory of unintended consequences. Read the article.